Positive economics concerns
a. reflections of a country's values
b. judgments on the merit of an economic outcome
c. statements of fact concerning the economy
d. analysis of what ought to be
e. analysis of all good or positive market outcomes
C
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In long-run equilibrium after a permanent money-supply increase there follows:
A) an increase in exchange rate, E. B) a decrease in exchange rate, E. C) an increase in output, Y. D) a decrease in output, Y. E) an unchanged exchange rate, E.
If nominal GDP is $10 trillion, and velocity is 10, the money supply is
A) $1 trillion. B) $5 trillion. C) $10 trillion. D) $100 trillion.
The merchandise trade balance of a country equals the value of exported goods minus the value of imported goods
Indicate whether the statement is true or false
Over the long haul, rapid increases in the supply of money lead to
A) inflation. B) higher levels of production and real output. C) rapid growth of real wages. D) lower unemployment rates